Loading…
Fluence Energy, Inc., through its subsidiaries, provides energy storage and optimization software for renewables and storage applications in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It sells energy storage products with integrated hardware, software, and digital intelligence. The company's energy storage products include Gridstack Pro, a large-scale front-of-the-meter application; Gridstack, a front-of-the-meter application; Ultrastack for critical system requirements of distribution and transmission networks; Smartstack, a split architecture design, incorporating embedded intelligence and higher energy density compared to traditional AC systems. The company also provides operational and maintenance services; and digital applications. It serves independent power producers, developers, conglomerates, utilities/load-serving entities, and commercial and industrial customers. Fluence Energy, Inc. was founded in 2018 and is headquartered in Arlington, Virginia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.3B | $-17M | $-48M | $-175M | -8.8% | -16.1% | -312.7% |
| 2024 | $2.7B | $41M | $23M | $61M | 3.7% | 21.7% | - |
| 2023 | $2.2B | $-102M | $-70M | $-124M | -12.5% | 85.0% | - |
| 2022 | $1.2B | $-276M | $-104M | $-290M | -16.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 1,198.60 | 2,217.98 | 2,698.56 | 2,262.83 |
| Cost Of Revenue | 1,260.96 | 2,077.02 | 2,357.48 | 1,967.05 |
| Gross Profit | -62.35 | 140.96 | 341.08 | 295.79 |
| Operating Expense | 221.17 | 253.56 | 314.46 | 342.12 |
| Operating Income | -283.52 | -112.61 | 26.62 | -46.34 |
| EBITDA | -276.41 | -101.94 | 41.10 | -16.99 |
| EBIT | -283.52 | -112.61 | 26.62 | -46.34 |
| Pretax Income | -287.82 | -100.27 | 39.57 | -45.07 |
| Tax Provision | 1.36 | 4.55 | 9.21 | 22.92 |
| Net Income | -104.48 | -69.62 | 22.72 | -48.31 |
| Net Income Common Stockholders | -104.48 | -69.62 | 22.72 | -48.31 |
| Total Expenses | 1,482.12 | 2,330.59 | 2,671.94 | 2,309.17 |
| Interest Expense | 2.02 | 0 | 0 | 0 |
| Interest Income | 0.33 | 5.39 | 5.68 | 0 |
| Research And Development | 60.14 | 66.31 | 66.19 | 86.22 |
| Selling General And Administration | 153.92 | 177.42 | 236.84 | 242.56 |
| Normalized EBITDA | -276.41 | -101.94 | 41.10 | -16.99 |
| Normalized Income | -104.48 | -69.62 | 22.72 | -48.31 |
| Basic EPS | -1.50 | -0.60 | 0.18 | -0.37 |
| Diluted EPS | -1.50 | -0.60 | 0.13 | -0.37 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.23 | 0.21 |
| Net Income From Continuing Operation Net Minority Interest | -104.48 | -69.62 | 22.72 | -48.31 |
| Reconciled Depreciation | 7.11 | 10.66 | 14.48 | 29.34 |
| Reconciled Cost Of Revenue | 1,260.96 | 2,076.19 | 2,354.43 | 1,951.05 |
| Net Interest Income | 0.33 | 5.39 | 5.68 | -4.11 |
| Net Income From Continuing And Discontinued Operation | -104.48 | -69.62 | 22.72 | -48.31 |
| Diluted Average Shares | 69.71 | 116.45 | 184.03 | 130.31 |
| Basic Average Shares | 69.71 | 116.45 | 126.18 | 130.31 |
| Diluted NI Availto Com Stockholders | -104.48 | -69.62 | 22.72 | -48.31 |
| Minority Interests | 184.69 | 35.20 | -7.65 | 19.68 |
| Net Income Including Noncontrolling Interests | -289.18 | -104.82 | 30.37 | -67.99 |
| Net Income Continuous Operations | -289.18 | -104.82 | 30.37 | -67.99 |
| Other Income Expense | -4.62 | 6.95 | 7.28 | 5.38 |
| Other Non Operating Income Expenses | -4.62 | 6.95 | 7.28 | 5.38 |
| Net Non Operating Interest Income Expense | 0.33 | 5.39 | 5.68 | -4.11 |
| Total Other Finance Cost | 0 | -5.39 | -5.68 | 4.11 |
| Interest Expense Non Operating | 2.02 | 0 | 0 | 0 |
| Interest Income Non Operating | 0.33 | 5.39 | 5.68 | 0 |
| Depreciation Amortization Depletion Income Statement | 7.11 | 9.84 | 11.43 | 13.35 |
| Depreciation And Amortization In Income Statement | 7.11 | 9.84 | 11.43 | 13.35 |
| Selling And Marketing Expense | 37.21 | 41.11 | 63.84 | 79.49 |
| General And Administrative Expense | 116.71 | 136.31 | 173 | 163.07 |
| Other Gand A | 116.71 | 136.31 | 173 | 163.07 |
| Operating Revenue | 1,198.60 | 2,217.98 | 2,698.56 | 2,262.83 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Fluence Energy, Inc.this co. | FLNC | $2.2B | - | 4.03 | -8.8% | -65.79 |
| Centuri Holdings, Inc. | CTRI | $3.5B | 140.72 | 4.06 | 2.5% | 18.21 |
| Consolidated Water Co. Ltd. | CWCO | $519M | 27.95 | 2.33 | 8.1% | 15.97 |
| The York Water Company | YORW | $471M | 20.94 | 1.75 | 8.3% | 15.38 |
| Genie Energy Ltd. | GNE | $365M | 47.17 |
| 1.83 |
| 7.0% |
| 7.37 |
| OPAL Fuels Inc. | OPAL | $363M | 13.87 | -4.66 | 3.0% | 39.72 |
| Cadiz Inc. | CDZI | $350M | - | 15.02 | -146.8% | -18.29 |
| Pure Cycle Corporation | PCYO | $271M | 19.75 | 1.83 | 9.2% | 19.34 |
| Global Water Resources, Inc. | GWRS | $207M | 65.45 | 2.39 | 3.4% | 15.40 |
| Peer Median | - | 27.95 | 2.08 | 5.2% | 15.69 | |